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Funds Held for Clients and Corporate Investments (Tables) | 12 Months Ended
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May 31, 2024
Funds Held for Clients and Corporate Investments [Abstract] |
Funds Held for Clients and Corporate Investments | Funds held for clients and corporate investments are as follows:
|  | May 31, 2024 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | unrealized |  |  | unrealized |  |  | Fair |
In millions |  | cost |  |  | gains |  |  | losses |  |  | value |
Type of issue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Funds held for clients' money market securities and other restricted cash equivalents |  | $ |  | 380.3 |  |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | 380.3 |
AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities |  |  |  | 135.7 |  |  |  |  | 0.1 |  |  |  |  | (1.1 | ) |  |  |  | 134.7 |
Corporate bonds |  |  |  | 1,400.3 |  |  |  |  | 1.3 |  |  |  |  | (32.8 | ) |  |  |  | 1,368.8 |
Municipal bonds |  |  |  | 1,060.1 |  |  |  |  | 0.2 |  |  |  |  | (86.9 | ) |  |  |  | 973.4 |
U.S. government agency and treasury securities |  |  |  | 896.0 |  |  |  |  | 0.1 |  |  |  |  | (43.4 | ) |  |  |  | 852.7 |
Variable rate demand notes |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |
Total AFS securities |  |  |  | 3,492.1 |  |  |  |  | 1.7 |  |  |  |  | (164.2 | ) |  |  |  | 3,329.6 |
Other |  |  |  | 32.3 |  |  |  |  | 3.2 |  |  |  |  | (1.6 | ) |  |  |  | 33.9 |
Total funds held for clients and corporate investments |  | $ |  | 3,904.7 |  |  | $ |  | 4.9 |  |  | $ |  | (165.8 | ) |  | $ |  | 3,743.8 |
|  | May 31, 2023 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | unrealized |  |  | unrealized |  |  | Fair |
In millions |  | cost |  |  | gains |  |  | losses |  |  | value |
Type of issue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Funds held for clients' money market securities and other restricted cash equivalents |  | $ |  | 863.1 |  |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | 863.1 |
AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities |  |  |  | 88.1 |  |  |  |  | — |  |  |  |  | (1.4 | ) |  |  |  | 86.7 |
Corporate bonds |  |  |  | 1,468.3 |  |  |  |  | 3.7 |  |  |  |  | (31.1 | ) |  |  |  | 1,440.9 |
Municipal bonds |  |  |  | 1,091.3 |  |  |  |  | 0.1 |  |  |  |  | (105.3 | ) |  |  |  | 986.1 |
U.S. government agency and treasury securities |  |  |  | 788.1 |  |  |  |  | 0.3 |  |  |  |  | (41.6 | ) |  |  |  | 746.8 |
Variable rate demand notes |  |  |  | 344.1 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 344.1 |
Total AFS securities |  |  |  | 3,779.9 |  |  |  |  | 4.1 |  |  |  |  | (179.4 | ) |  |  |  | 3,604.6 |
Other |  |  |  | 30.1 |  |  |  |  | 1.1 |  |  |  |  | (2.9 | ) |  |  |  | 28.3 |
Total funds held for clients and corporate investments |  | $ |  | 4,673.1 |  |  | $ |  | 5.2 |  |  | $ |  | (182.3 | ) |  | $ |  | 4,496.0 |
Classification of Investments on Consolidated Balance Sheets | The classification of funds held for clients and corporate investments on the Consolidated Balance Sheets is as follows:
|  | May 31, |
In millions |  | 2024 |  |  | 2023 |
Funds held for clients |  | $ |  | 3,706.2 |  |  | $ |  | 4,118.8 |
Corporate investments |  |  |  | 33.9 |  |  |  |  | 373.4 |
Long-term corporate investments |  |  |  | 3.7 |  |  |  |  | 3.8 |
Total funds held for clients and corporate investments |  | $ |  | 3,743.8 |  |  | $ |  | 4,496.0 |
Securities in Unrealized Loss Position | AFS securities in an unrealized loss position for which a credit loss has not been recognized were as follows:
| May 31, 2024 |
| Securities in an unrealized loss position for less than twelve months |  | Securities in an unrealized loss position for more than twelve months |  | Total |
| Gross |  |  |  |  | Gross |  |  |  |  | Gross |  |  |  |
| unrealized |  | Fair |  | unrealized |  | Fair |  | unrealized |  | Fair |
In millions | losses |  | value |  | losses |  | value |  | losses |  | value |
Type of issue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities | $ |  | (0.4 | ) | $ |  | 77.4 |  | $ |  | (0.7 | ) | $ |  | 43.0 |  | $ |  | (1.1 | ) | $ |  | 120.4 |
Corporate bonds |  |  | (8.4 | ) |  |  | 620.8 |  |  |  | (24.4 | ) |  |  | 647.8 |  |  |  | (32.8 | ) |  |  | 1,268.6 |
Municipal bonds |  |  | (8.0 | ) |  |  | 102.5 |  |  |  | (78.9 | ) |  |  | 864.7 |  |  |  | (86.9 | ) |  |  | 967.2 |
U.S. government agency and treasury securities |  |  | (6.2 | ) |  |  | 268.2 |  |  |  | (37.2 | ) |  |  | 547.2 |  |  |  | (43.4 | ) |  |  | 815.4 |
Total | $ |  | (23.0 | ) | $ |  | 1,068.9 |  | $ |  | (141.2 | ) | $ |  | 2,102.7 |  | $ |  | (164.2 | ) | $ |  | 3,171.6 |
| May 31, 2023 |
| Securities in an unrealized loss position for less than twelve months |  | Securities in an unrealized loss position for more than twelve months |  | Total |
| Gross |  |  |  |  | Gross |  |  |  |  | Gross |  |  |  |
| unrealized |  | Fair |  | unrealized |  | Fair |  | unrealized |  | Fair |
In millions | losses |  | value |  | losses |  | value |  | losses |  | value |
Type of issue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities | $ |  | (0.1 | ) | $ |  | 54.2 |  | $ |  | (1.3 | ) | $ |  | 23.3 |  | $ |  | (1.4 | ) | $ |  | 77.5 |
Corporate bonds |  |  | (5.9 | ) |  |  | 652.0 |  |  |  | (25.2 | ) |  |  | 382.7 |  |  |  | (31.1 | ) |  |  | 1,034.7 |
Municipal bonds |  |  | (5.9 | ) |  |  | 86.7 |  |  |  | (99.4 | ) |  |  | 889.0 |  |  |  | (105.3 | ) |  |  | 975.7 |
U.S. government agency and treasury securities |  |  | (3.3 | ) |  |  | 199.6 |  |  |  | (38.3 | ) |  |  | 457.9 |  |  |  | (41.6 | ) |  |  | 657.5 |
Total | $ |  | (15.2 | ) | $ |  | 992.5 |  | $ |  | (164.2 | ) | $ |  | 1,752.9 |  | $ |  | (179.4 | ) | $ |  | 2,745.4 |
Realized Gains and Losses from Sale of Available-for-sale Securities | Realized gains and losses from the sale of AFS securities were as follows:
|  | Year ended May 31, |
In millions |  | 2024 |  |  | 2023 |  |  | 2022 |
Gross realized gains |  | $ |  | — |  |  | $ |  | 0.1 |  |  | $ |  | 0.2 |
Gross realized losses |  |  |  | (2.6 | ) |  |  |  | (9.9 | ) |  |  |  | 0.0 |
Net realized (losses)/gains |  | $ |  | (2.6 | ) |  | $ |  | (9.8 | ) |  | $ |  | 0.2 |
Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturity | The amortized cost and fair value of AFS securities that had stated maturities as of May 31, 2024 are shown below by expected maturity.
|  | May 31, 2024 |
|  | Amortized |  |  | Fair |
In millions |  | cost |  |  | value |
Maturity date: |  |  |  |  |  |  |  |
Due in one year or less |  | $ |  | 211.0 |  |  | $ |  | 207.1 |
Due after one year through three years |  |  |  | 1,439.4 |  |  |  |  | 1,365.2 |
Due after three years through five years |  |  |  | 1,452.8 |  |  |  |  | 1,377.2 |
Due after five years |  |  |  | 388.9 |  |  |  |  | 380.1 |
Total |  | $ |  | 3,492.1 |  |  | $ |  | 3,329.6 |

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